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Foreign Bank Accounts, Time is Running Out

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REPORTING FOREIGN BANK ACCOUNTS (FBAR)

The deadline for reporting foreign bank accounts is approaching the FBAR form must be received by IRS no later than June 30, 2013. The form number is: TD F 90-22.1

United States persons are required to file an FBAR if:

1) The US person had a financial interest in or signature authority over at least one financial account located outside of the United States; and

2) The aggregate value of all foreign accounts exceeded $10,000 at any time during calendar year 2012.

United States person means US citizens; US residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.


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